Vectura prices IPO

Pulmonary drug delivery company Vectura (LSE:VEC) raised L20 million ($36.7 million) in an IPO on the LSE's AIM through the sale of 35.8 million shares at 56p. The company will have a market cap of L60 million ($110.3 million) when it lists on July 5. Earlier this month, VEC proposed to raise L20-L25 million ($37-$46 million) at a price range of 70p-84p (see BioCentury Extra, Monday June 14, 2004). Nomura is the nominated adviser and broker on the deal, which has an overallotment of 3.6 million shares. Prior to the offer, Merlin Biosciences Fund held 30% of the company, and Isis Capital held 20%. ...